Peter,
Here is a checklist I compiled for purchase. There are lots of little steps and just like flying, it's nice to have it all spelled out ahead of time since the buying process could be a little overwhelming. I might have missed some things, but here is what I have:
RV Purchase Steps:
Before I leave home:
Agree on price.
Funds-deposit(Bank Transfer or Escrow). Escrow highly recommended with deposit fully refundable if plane fails pre-buy inspection.
Arrange for pre-purchase inspection
Fly back home? If so do I need instructor for flight? Have I met insurance requirements?
Title Search
Transition Training
Make sure kit bill of sale from Vans Aircraft to builder and then each owner from then on is available
Make sure he has Operators Handbook (different from operating limitations), its like a POH the builder creates.
At time of purchase:
Buyer:
Complete pre-buy inspection. May need to re-negotiate price depending on what is found and update purchase agreement.
Test fly aircraft
Insurance coverage (get updates-hrs, registration #, if another pilot flying it home need his name, DOB, hrs in make/model etc.)
Payment
Bill of sale FAA 8050-2. (Retain pink copy as temporary registration).
Complete FAA form 8050-1 (fill out in duplicate, one copy for me one for seller)
Request kit bill of sale from Vans Aircraft to builder and then each owner from then on.
Get all logs (airframe, engine, prop, construction including flight testing)
Mail 8050-1 and 8050-2 with $5 to FAA when I get home.
Notify Vans of the purchase so I can be included in service bulletin notifications etc.
Update ELT contact info (NOAA)
Seller:
Return registration card (FAA 8050-3 this is in the airplane). Check boxes A&F, then fill in buyer’s information on back of card. Signature, title is “Owner” and date. Mail to FAA in Oklahoma City address is on form
Last edited by Flynfrfun : 05-13-2020 at 08:47 AM.
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